Following Hungary And Ireland, France Is Next To Seize Pension Funds

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sun, 11/28/2010 - 21:42 | 759876 liberal sodomy
liberal sodomy's picture

Pensions seized to house and feed brown foreigners and muslims.  That ought to go over well.

Why are the people of londonistan so fond of the word "scheme"?

Sun, 11/28/2010 - 21:53 | 759937 liberal sodomy
liberal sodomy's picture

All your junkz is minez, bitchez.

Sun, 11/28/2010 - 23:34 | 760119 dlmaniac
dlmaniac's picture

LOL. Glad I never took those IRA things seriously. Only trusted my own management and took the matter into my own hand. This crap is definitely coming to USA as well. A bankrupted government is like a drowned man willing grab everything for his own survival. Always like that regardless whichever country it is.

Sun, 11/28/2010 - 22:07 | 759966 shinola
shinola's picture

BFD

 

Just how much of the USA's Social Security "trust fund" has "cash" rather than IOU's payable to the current generation from future generations income?

 

Standard Operating Procedure.

 

"Hope I die before I get old..."

 

 

Sun, 11/28/2010 - 22:16 | 759989 MarketTruth
MarketTruth's picture

So-so Security is already running in the red per se and the US Government has been talking about seizing 401k/IRA for a while now. So yes, get out of your 401k starting Jan 1 as that is a new tax year.

Mon, 11/29/2010 - 11:24 | 760850 Mike7.62
Mike7.62's picture

So how does one do that, except through ending his employment and rolling it into an IRA? There are only a few ways to access the money tied up in a 401k. One is mentioned above, the others are for documented hardships involving foreclosure of primary residence or medical treatments exceeding your insurance coverage, and the last is through a loan, which is limited in amount and term.

 

401k's are a money trap with limited availability and use of funds. Their tax benefits are far exceeded by their illiquidity and lack of diversity in investment vehicles. My advice is to use a Roth IRA as a retirement plan, and avoid the 401k altogether. YMMV.

Sun, 11/28/2010 - 21:33 | 759886 DoChenRollingBearing
DoChenRollingBearing's picture

Cashing in my IRA (and paying my taxes and penalties) in 2008 looks better and better all the time.

Sun, 11/28/2010 - 22:05 | 759962 Snidley Whipsnae
Snidley Whipsnae's picture

Shhhh....beware the clawback provisions that could be included in new US pension confiscation schemes. We did the same but a bit earlier.

I think you posted that you were in S America? That was/is a good move.

This is one long train wreck and we all best stand well clear of the tracks.

 

Sun, 11/28/2010 - 22:30 | 760014 SoCalBusted
SoCalBusted's picture

Here here!

Sun, 11/28/2010 - 22:50 | 760052 tomdub_1024
tomdub_1024's picture

same here, and had the bonus of retiring a bunch o' debt with it.

Sun, 11/28/2010 - 23:35 | 760124 goldsaver
goldsaver's picture

You read my mind DoChen. My 401k is sitting in my safe as we speak. I do love to take inventory of my shinny every now and then. Its, euphoric.

Mon, 11/29/2010 - 03:24 | 760454 midtowng
midtowng's picture

401k's and traditional IRA's are the low-hanging fruit. They will go after them first, once SS is no longer in surplus.

  I'm hoping that my Roth IRA's are safe enough for now, since they are after-tax.

Mon, 11/29/2010 - 13:50 | 761437 Fearless Rick
Fearless Rick's picture

I am searching for the post I wrote in 2006-08 advising everybody to cash out their 401Ks and IRAs, but haven't located it yet. I did find this one from August, 2007, interesting, in which I said,

Anybody - and I mean ANYBODY - who is even considering investing in stocks at this juncture ought to be institutionalized. This is the most dangerous market situation since the 1929 crash, and nothing short of an economic miracle is going to prevent a serious, damaging, long-term, worldwide meltdown.

It's worse than you think...


Sun, 11/28/2010 - 21:38 | 759891 TheGreatPonzi
TheGreatPonzi's picture

Americans generally have no idea of what's going on in France, which is still for them the picture of beautiful art, Alizée, fine dining and expensive châteaux.

As a French, I tell you the truth: this country is broke and dirty. What will come in the next years in terms of blowout will make Ireland and Greece pass as a walk in the park.

Sun, 11/28/2010 - 21:37 | 759894 goldfish1
goldfish1's picture

Hopefully this is not a harbinger of what Tim Geithner plans to do with the trillions in various 401(k) funds on this side of the Atlantic.

Well what the fukk do you think it is then?

Sun, 11/28/2010 - 21:53 | 759935 Croesus
Croesus's picture

Goldfish:

The idea has already been floated in the US before:

http://www.sharedprosperity.org/bp204.html

And there's damn reason to think the government won't try for it again. Christ, we run higher levels of debt than anyone, and that represents "easy pickens".

The idea was to replace 401K and similar with "Guaranteed Retirement Accounts", but I think most people realize there's really not much of a guarantee of anything at this point.

Sun, 11/28/2010 - 22:06 | 759965 High Plains Drifter
High Plains Drifter's picture

Maybe this is why delta force has been charged to seize and control all FED reserve banks in the United States in case of trouble.

Mon, 11/29/2010 - 02:34 | 760416 StychoKiller
StychoKiller's picture

"Trouble" is already here!  Where is Delta Farce?

Sun, 11/28/2010 - 21:39 | 759896 tahoebumsmith
tahoebumsmith's picture

Keynesian economics in total tail spin. Lets see how its supporters feel now that it is using their money to survive? This is unraveling faster then I expected, let the currency wars begin.

Sun, 11/28/2010 - 21:40 | 759897 firstdivision
firstdivision's picture

Overnight action is shaping up to be a crackheaded night.  Futures opened up 10 points up now back down. 

Sun, 11/28/2010 - 21:41 | 759900 fuu
fuu's picture

Anyone still in a pension fund at this point is in trouble.

Sun, 11/28/2010 - 21:41 | 759901 tmosley
tmosley's picture

Wow.  Cash out those 401Ks and IRAs while you still can folks.

Mon, 11/29/2010 - 00:09 | 760201 Founders Keeper
Founders Keeper's picture

[Cash out those 401Ks and IRAs while you still can folks.]---tmosley

I agree. 

Keep a close eye on this lame duck session.

 

Sun, 11/28/2010 - 21:41 | 759902 Cognitive Dissonance
Cognitive Dissonance's picture

Hopefully this is not a harbinger of what Tim Geithner plans to do with the trillions in various 401(k) funds on this side of the Atlantic.

We all know that when the financial junkies get desperate enough to consider the unthinkable, the next step is to gather their forces and then storm the police barracks to liberate the property room drug vault and anything else of value. It's only a matter of time.

Sun, 11/28/2010 - 21:42 | 759903 Double down
Double down's picture

Is this the time some one says; "Gold, beatches"

Sun, 11/28/2010 - 22:11 | 759978 Snidley Whipsnae
Snidley Whipsnae's picture

I'll bite.... Gold bitchezz.... it's about 8:30 Eastern and gold/silver just began a run down wind. Strong moves in both.

Sun, 11/28/2010 - 21:43 | 759905 Id fight Gandhi
Id fight Gandhi's picture

So banksters get to steal pensions now. Bondholders have no risk.

Where's the outrage?

Mon, 11/29/2010 - 14:29 | 761599 RKDS
RKDS's picture

Well, I'll spell it out for you.  Private pensions are pretty much extinct or absorbed by the PBGC, leaving government as the only employer offering such a retirement plan.  Of course, as you can see, everybody hates government employees for some reason or another.  It doesn't matter that we make less money in the public sector (despite the lies parroted by many pundits) or that we just do regular jobs (such as IT or construction) and have no say in the decisions that are killing our country.  Nobody will feel sorry for public employees robbed of their pensions (that they've been forced to pay into for 30+ years) so the predators that be can rape yet another segment of America with complete and utter impunity.  It sucks doubly for those of us that spoke out against stuff like NAFTA because we saw the big picture, but I guess enough "hey, I don't work in a factory, why should I buy American" types will get their comeuppance to satisfy the peoples' thrist for revenge.

Sun, 11/28/2010 - 21:46 | 759912 liberal sodomy
liberal sodomy's picture

 "Get out, get your 401k money!" - Glenn Beck 11/15/2010

http://www.youtube.com/watch?v=XV2RnEXuobE

Sun, 11/28/2010 - 21:46 | 759915 Internet Tough Guy
Internet Tough Guy's picture

France just rioted when they tried to raise the retirement age two years. This should go off like a nuke in Paris.

Sun, 11/28/2010 - 21:50 | 759927 High Plains Drifter
High Plains Drifter's picture

France should burn over this.

Sun, 11/28/2010 - 21:54 | 759925 Ignorance is bliss
Ignorance is bliss's picture

Cashed out my 401K this year..Will bite the bullet and have purchased Gold and Silver. Fukk it. I will make it based on my best analysis or I will work until I drop. I will not have some punk a-hole Fukk me up. No one cares more about my money and my future than me. Everyone else is looking for their nickel +++ some. I am the one that will suffer or enjoy the consequences. Delegating my responsibilities to someone not as vested is a mistake. There is nothing worse then being stupid in a world that will eat stupid for breakfast.

Sun, 11/28/2010 - 22:12 | 759980 Snidley Whipsnae
Snidley Whipsnae's picture

I like your attitude!

Sun, 11/28/2010 - 21:54 | 759939 jeff montanye
jeff montanye's picture

tptb can attack pension funds to, at the margin, protect bank senior bondholders from their own execrable investment decisions.  and here can assassinate us by non-litigable executive order.  yet maybe some airport groping over tg may edge us closer to the tipping point.

Sun, 11/28/2010 - 21:58 | 759945 DonutBoy
DonutBoy's picture

Mind-bogglng.  Socialism, a gun to the head. I wonder about my IRA?

Mon, 11/29/2010 - 03:30 | 760456 midtowng
midtowng's picture

Is your IRA a traditional one, or a Roth? It's a big difference because one is pre-tax and the latter is post-tax. A pre-tax IRA is no different from a 401k. That's the low-hanging fruit. They will come for that first.

They would have to change the laws dramatically to come for post-tax money, so I'm hoping that we will have some warning if you are sitting on a Roth IRA.

Mon, 11/29/2010 - 09:52 | 760664 technovelist
technovelist's picture

There won't be any warning; they will just freeze the accounts while they implement the new rules. That's why I have avoided the Roth bait; I don't believe anything they say.

Sun, 11/28/2010 - 22:02 | 759954 Belrev
Belrev's picture

The Social Security "trust" "fund" which is the equivalent of those Euro zone pension funds referred to in the article, has already been spent long time ago. So USA is far ahead of the game in this sense. No?

Sun, 11/28/2010 - 22:09 | 759970 Id fight Gandhi
Id fight Gandhi's picture

Bloomberg says investors wont share bailout costs. Greece loans extended as they won't be able to make their original payment schedule.

Sun, 11/28/2010 - 22:10 | 759977 Hubbs
Hubbs's picture

Well FDR seized gold at $25/oz, and then later increased valuation to $35 /oz.

PM holders won't get fooled again, so the govt will have to go after the rest of the sheeple who are dumb enough to contribute to and trust in their IRAs and 401ks.

Second verse, same as the first.

 

Sun, 11/28/2010 - 22:24 | 760010 MyKillK
MyKillK's picture

Seizing the hard earned money of retirees to pay debts incurred by the welfare net which supports the lazy and unemployable.

 

Pretty much sums up what's wrong in this entitlement-gone-crazy world

Sun, 11/28/2010 - 22:34 | 760026 SmittyinLA
SmittyinLA's picture

They can pull off that crap in countries with gun control, not America.

Sun, 11/28/2010 - 23:36 | 760128 GoinFawr
GoinFawr's picture

Uh, doesn't seem to have made the slightest difference so far, where the hell you been?

Cawl of Doodee series of vidgames, wherein blasting an avatar meat-puppet with Bernanke's face mapped onto it seems to have been more than enough to dupe the US masses into a practically actionless spineless torpor quite effectively, kiss my sharries.

 You all seem to still operate under the "Dissent is for Weirdos" misapprehension.

Bonne chance with that.

Sun, 11/28/2010 - 23:08 | 760082 omi
omi's picture

Regarding France, this is nothing new. France has cheated when entering the Eurozone in exactly the same way - they have used the assets in the pension fund to downpay debts to lower gov't debt, and then borrowed again.

Sun, 11/28/2010 - 23:16 | 760093 Quinvarius
Quinvarius's picture

Proving yet again that if it is not buried in the back yard, you don't own it.

Mon, 11/29/2010 - 00:16 | 760215 PolishHammer
PolishHammer's picture

Poland has used their Retirement Reserve Account for current funding in 2010 and is on its way to nationalize private retirement accounts.

So you forgot about Poland

Mon, 11/29/2010 - 02:04 | 760386 CustomersMan
CustomersMan's picture

 

People the world over forget that the various governments or lets say their front-men roll out these decisions as though there is nothing you can do about it.

 

That is only true if you fail to act. There is plenty you can do about the stealing of pensions, etc. and that is to bring the country to a standstill, indefinetely, until your demands are met, all of them in writing and verified by the next government. Act as ONE.

Mon, 11/29/2010 - 14:51 | 761680 RKDS
RKDS's picture

You know, there's a word for that, let me think, it's on the tip of my tongue, oh, that's right: a strike, like unions used to do before they become another face of big corporate.  To suggest people form a union to resist a wealthy oppressor is downright herecy in many conservative circles.  I should know, I get dumped on all the time for it.

The sick thing is that John Galt is right in his premise that no man is entitled to another's labor.  That belief is at the very core of both pro-freedom movements and the classical union.  Yet when purportedly pro-freedom conservatives are confronted with the possibility of unionized workers refusing to work for the company's terms, they clamp down with such fury, to the point of declaring that unions should be illegal.  And don't get me started on liberals and their forced collectivisation that cruelly sacrifices many individuals for the benefit of a chosen few.

I ask, doesn't this sound like the company believes it is entitled to labor?  If this true, why bother to pay what are essentially your slaves?  It all seems so transparently lazy, grabby, and dishonest of those who would see fit to pontificate at me about, well, just about anything.

Do NOT follow this link or you will be banned from the site!